The Syrian government and DP World have signed an $800 million memorandum of understanding.
The agreement aims to develop Syria’s port of Tartous. This deal follows the lifting of U.S. sanctions, paving the way for the investment.
The project includes developing, managing, and operating a multi-purpose terminal. Cooperation in establishing industrial and free trade zones is also part of the agreement.
DP World is a subsidiary of Dubai World, a UAE investment firm. Syria seeks foreign investment to revitalize its struggling economy.
The deal coincides with the former U.S. President’s announcement of plans to lift Syrian sanctions during a Riyadh visit.
The former U.S. President stated the decision followed discussions with Saudi and Turkish leaders.
The former U.S. President reportedly met with the Syrian President in Riyadh.
The U.S. Secretary of State indicated the former U.S. President intends to issue waivers under the Caesar Act.
This act imposed sanctions on the Syrian government and those dealing with it.
Removing U.S. sanctions is expected to facilitate humanitarian aid and foreign investment in Syria’s rebuilding efforts.